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U.S. acts to block North Korea access to financial system
Source: Reuters
WORLD NEWS | Fri Nov 4, 2016 | 3:49pm EDT
U.S. acts to block North Korea access to financial system
The United States on Friday formally prohibited U.S. financial institutions from opening or maintaining accounts created on behalf of North Korean banks, extending sanctions imposed on the isolated Asian country over its nuclear and missile programs.
The U.S. Treasury Department said North Korea was using front companies and agents to conduct illicit financial transactions to support the proliferation of weapons of mass destruction and to evade international sanctions.
“Such funds have no place in any reputable financial system,” Adam Szubin, the department's acting under secretary for Terrorism and Financial Intelligence said in a statement.
It said that while U.S. law already generally prohibited transactions with North Korean financial institutions, the move would support international sanctions and better protect the U.S. financial system from illicit North Korean activity.
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U.S. acts to block North Korea access to financial system
The United States on Friday formally prohibited U.S. financial institutions from opening or maintaining accounts created on behalf of North Korean banks, extending sanctions imposed on the isolated Asian country over its nuclear and missile programs.
The U.S. Treasury Department said North Korea was using front companies and agents to conduct illicit financial transactions to support the proliferation of weapons of mass destruction and to evade international sanctions.
“Such funds have no place in any reputable financial system,” Adam Szubin, the department's acting under secretary for Terrorism and Financial Intelligence said in a statement.
It said that while U.S. law already generally prohibited transactions with North Korean financial institutions, the move would support international sanctions and better protect the U.S. financial system from illicit North Korean activity.
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Read more: http://www.reuters.com/article/us-northkorea-usa-sanctions-idUSKBN12Z2KU